80/20 Rule – The Pareto Principle

A huge road block when it comes to accomplishment is the overwhelming feeling that we need to be dedicating more of our time into the thing that is going to make us successful. Time is a very limited resource, and you can’t just make more of it. We get caught up in this idea that we cannot start a business or create a lifestyle we want unless we remove current barriers to our time like our day job.

“If only I could quit my job, I could make this work.”

The reality is, you don’t need more time. You have plenty of it. The problem is not the hours in a day you have. The problem is how you focus your efforts within that 24 hour period. There are thousands of social media posts that tell us we have just as much time as everyone else in a day, so why are they successful and you are not?

I personally have a day job working 40+ hours a week for the government, am training for a marathon, and have numerous other things on my plate, so how come I am able to run a successful business from my laptop and you are not?

The reason is what we call the 80/20 Rule or the Pareto Principle.

Pareto, an Italian economist, noticed a distinct relationship between inputs and outputs. We typically think that when it comes to business we have to input thousands of hours before we see results. Pareto discovered that this is a flaw in paradigm.

The truth is, 80% of your results are generated from 20% of your efforts.

So what does this mean?

It means, focus your efforts.

I have a day job 40 hours a week. It makes me a decent salary. But my business will be what gives me financial freedom. Currently I am dedicated to working my business at least 8 hours a week. 20% of my day job efforts. Before long, my day job will only be a fraction of my income as to what my business is earning me.

This principle is not just limited to your income and your business. It is also relevant to you health, your relationships, and your personal development. Think about any financial freedom book you have read or course you have taken. The “pay yourself first” principle. You are supposed to pay yourself 10%-20% of your income and put that towards investing in your future. By doing this you will eventually obtain financial freedom. It is a proven model that thousands of people teach.

Focus your efforts! You have High Emotional Value Goals. Dedicate time (20%) to them and work the process. It may not be the 80% output you see right away. Currently my business makes me only about %10. but it is growing at a rate exponentially faster than my salary, and I am confident within a year it will be my sole source of income and by next summer I can quite my “job” and work my business full time.

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